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              ILLINOIS REGISTER 9331
09
DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
NOTICE OF ADOPTED AMENDMENTS
thesuch information is for internal identification purposes only.
c) The letter of credit shall contain a statement to the effect that the obligation of the
qualified United States financial institution under the letter of credit is in no way
contingent upon reimbursement of the letter of creditwith respect thereto.
d) The term of the letter of credit shall be for at least one year and shall contain an
"evergreen clause" thatwhich prevents the expiration of the letter of credit without
due notice from the issuer. The "evergreen clause" shall provide for a period of
no less than thirty (30) days notice prior to the expiration date or nonrenewal.
e) The letter of credit shall state whether it is subject to and governed by the laws of
this State or the ICC Uniform Customs and Practice for Documentary Credits
(ICC Publication No. 600, July 2007, 1212 Avenue of the Americas, New York
NY 10036 (no later amendments or editions500, May 1993), and all drafts drawn
under the letter of creditthereunder shall be presentable at an office in the United
States of a qualified United States financial institution.
f) If the letter of credit is made subject to the ICC Uniform Customs and Practice for
Documentary Credits (ICC Publication No. 600, July 2007, 1212 Avenue of the
Americas, New York NY 10036 (no later amendments or editions)500, May
1993), then the letter of credit shall specifically address and make provision for an
extension of time to draw against the letter of credit in the event that one or more
of the occurrences specified in Article 3617 of Publication 600500 occur.
g) The letter of credit shall be issued or confirmed by a qualified United States
financial institution authorized to issue letters of credit, pursuant to Section
173.1(3)(A) of the Illinois Insurance Code [215 ILCS 5/173.1(3)(A)].
h) If the letter of credit is issued by a nonqualified financial institution and is
confirmed by a qualified United States financial institution as described in
subsection (g) above, then the following additional requirements shall be met:
1) The issuing financial institution shall formally designate the confirming
qualified United States financial institution as its agent for the receipt and
payment of the drafts; and
2) The "evergreen clause" shall provide for not less than 60 days notice of
nonrenewal prior to the expiration date.